Wednesday Jul 30, 2014 Search
Weather | Athens
32o C
25o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
No leeway for Athens till fall

 Gov’t must rush to implement 12 prior actions in the coming weeks and has no wiggle room for tax cuts

By Prokopis Hatzinikolaou

The election result, albeit adverse, has not led to the destabilization of the government, but Athens has very little room for maneuvering, at least regarding any unilateral measures up to November, when the decisions on its debt will be made. In the meantime it will have to implement all the prior actions required by the revised agreement with its creditors.

“The political clock in Greece will restart in November,” noted a European Union official, stressing that the government should not give in to any urges to backtrack on its obligations to implement reforms or achieve its fiscal targets due to the election result. If it does, it risks missing the chance for a definitive solution that the eurozone will try to grant Greece to lighten its debt, not to mention the financial, political and technical support for the necessary reforms.

Pre-election pledges will apparently remain tucked away for a long time, unless the Finance Ministry finds a way to reduce taxes without putting the fiscal balance at risk. Even the slightest relaxation of the policies to meet the program’s targets must not only come with offsetting measures, but should also have the creditors’ approval.

The ministry will need to move ahead immediately with the implementation of 12 prior actions required for the disbursement of bailout installments adding up to 2 billion euros. This means that as soon as the Parliament reopens, a series of bills and amendments must be tabled and voted through for the next tranche of 1 billion euros to be disbursed in June, with another one of the same amount due in July.

Prior actions include the determination of the second batch of charges to be abolished, the merger of auxiliary social security funds, the reduction of pharmacists’ profit margins and the breakup of Public Power Corporation (PPC) so that its privatization can proceed. The technical experts from the country’s creditors will arrive in Athens next month, while the proper assessment of Greece’s progress will not begin before the end of August.

ekathimerini.com , Monday May 26, 2014 (22:47)  
Six firms submit bids to lease Vouliagmeni beach
IMF´s Lagarde not sure yet about debt relief for Greece
Deals reached for twin plot on Afandou, for 42 million
More delays and red tape for companies’ tax rebates
EU Commissioner Damanaki unlikely to return to Greek politics
Greece’s current European Commissioner, Maria Damanaki, will not return to Greece or Greek politics when her tenure ends in October, Kathimerini understands. Damanaki holds the Maritime Affa...
Police arrest one, seek another three over counterfeit goods
One man has been arrested in the western Athens suburb of Aghia Varvara after police raided a store selling counterfeit goods. Officers are searching for three other suspects. Police found m...
Inside News
VOLLEYBALL
Volleyball national team second in European League
Much as the national volleyball team tried to repeat in the finals of the European League the feat it had achieved in the semifinals, it failed to overturn the advantage Montenegro had got f...
SOCCER
Ranieri says he has little to change in Greek national team
The Hellenic Football Federation (EPO) presented Claudio Ranieri as the new Greece coach for the next couple of years, after the Italian manager signed his contract in Athens on Friday. “I l...
Inside Sports
COMMENTARY
Through insecurity comes optimism
Prime Minister Antonis Samaras recently expressed his optimism regarding the quota of 180 Parliamentary deputies required for the election of Greece’s next president, in order for the countr...
EDITORIAL
Futile policy
The policy that Israel has been pursuing vis-a-vis the Palestinians is wrong and futile. Current tactics have failed to resolve the security issue and, at the same time, they are rapidly dra...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Six firms submit bids to lease Vouliagmeni beach
2. IMF´s Lagarde not sure yet about debt relief for Greece
3. EU Commissioner Damanaki unlikely to return to Greek politics
4. Police arrest one, seek another three over counterfeit goods
5. Coalition submits new proposals for Greek coastline
6. Deals reached for twin plot on Afandou, for 42 million
more news
Today
This Week
1. Coalition submits new proposals for Greek coastline
2. Police arrest one, seek another three over counterfeit goods
3. EU Commissioner Damanaki unlikely to return to Greek politics
4. IMF's Lagarde not sure yet about debt relief for Greece
5. Six firms submit bids to lease Vouliagmeni beach
6. Greece names fifth privatization agency chief in four years
Today
This Week
1. Unequal after death
2. Greek sovereign debt at 174.1 percent of GDP in first quarter
3. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
4. Quadriplegic woman on life support 'dies due to unpaid power bills'
5. Front-line threats
6. Defense Minister Avramopoulos to represent Greece at European Commission
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.